Remittance rises slightly in 2023
Bangladesh’s migrant workers sent home $21.82 billion as remittance in the just concluded calendar year, an increase of only 2.54 percent year on year mainly due to the gap of US dollar rate between formal and informal channel. The remittance earning was $21.28 billion in 2022 and it was $21.74 billion in 2021, according data from the Bangladesh Bank. Bangladeshi expatriates sent $1.90 billion in the last month of 2023, said Bangladesh Bank executive director and spokesperson Md Mezbaul Haque. December figure was 1.55 percent lower from the previous month when the remittance inflow was $1.93 billion
Olympic Industries comes first in the chase after foreign funds in 2023
A 3.87 percentage point rise in foreign investors’ stake in Olympic Industries in 2023 fuels curiosity because the biscuit maker drew investment at a time when local currency devaluation and floor price halved overall turnover in foreign portfolios. The liquidity crunch created by the price restriction set off an outflow of foreign funds, resulting in a reduction in foreign stakes in the ownership structure of different sectors and companies last year. In the highly illiquid market, Olympic Industries ended the year on Thursday, the last trading session of the year, soaring 26 per cent to Tk 152. During the time, the foreign stake rose to 24.84 per cent. The biscuit maker was the first choice in 2023 among the stocks that foreign investors usually invest in, because it was not trapped on the floor, said Salim Afzal Shawon, head of research at BRAC EPL Stockbrokerage, a top-tier brokerage firm. Food, pharmaceuticals, and bank sectors have noteworthy shares of overseas investors. Among them, only the food industry saw a 0.10 per cent increase in foreign holdings because of Olympic Industries.
Mr. Md Shaifur Rahman new managing director of CSE
Mr. Md Shaifur Rahman Mazumdar joined the Chittagong Stock Exchange (CSE) as the managing director on Monday, according to a statement. Before joining the CSE, he was the chief operating officer (COO) of the Dhaka Stock Exchange (DSE). He also served as the managing director (acting) of DSE. Previously, he was the managing director of the CSE for the 2016-2019 stint. He has a wide range of experience in capital market, financial management, export and production management, HR management, management consultancy etc. He served in private sector corporate entities in different positions e.g. company secretary, controller of finance, finance director, executive director, CEO, managing director with utmost sincerity, honesty and reputation.